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January Market Report - January 2018 Home Sales Start Off Stronger

Summary:

Home buyers jumped into the market with enthusiasm this year. There were more homes purchased in January 2018 than in January 2017. However, values did soften and buyers have been taking their time to make selections. It took 11 day longer to find a buyer this year, than in 2017.

Numbers Sold:

There were 71 MORE homes sold in January 2018 compared to the same month last year and this is good news indeed. The total number of condos and single-family homes sold was 667.

Month End Inventory

Compared to the end of January 2017 there was 421 MORE listings for sale year. The equates to a 7 month supply. In general, a 3 or 4 months’ supply of homes for sale is preferred to keep the market vigorous.

Days on Market:

Not surprisingly given the high number of homes for sale this January, buyers have been taking their time. Home sellers in January 2018 were on average having to wait for 77 days before they were able to put their homes under contract, up 11 days over last year.

Sales Values:

Home buyers were able to secure discounts in January resulting in an average price drop of 1% over January 2017. Homes sold for around $4500 LESS than last year

All information was extracted from the Edmonton MLS® System. This report is provided for informational purposes only. We do not warrant or guarantee the accuracy of the information in any way. Readers are advised to complete their due diligence and should not necessarily take action based on the information contained herein.